Real Estate & Property Law

Developer Bails in Indiana

By Alan Ackerman

Indiana Business

Cleveland-based Fairmount Properties has pulled out of a $100 million redevelopment project in downtown Fishers, northeast of Indianapolis. The developer says the current state of the economy, combined with the number of homes which would need to be acquired, makes it difficult to complete the project in Hamilton County. A number of public meetings will be scheduled to receive input on the future redevelopment of the area.

During good times, we do not notice the issue in the public providing land to private redevelopers is the risk the project will fail. However, what has occurred in Fishers, Indiana is but an example of what we are facing because of the present financial crunch. The ones left 'holding the bag' will too often be the citizens of the community who elected the public officials that made the ill founded decision.

Full post as published by National Eminent Domain Blog on November 11, 2008 (boomark / email).